Energy Stat of the Week by J. Marshall Adkins

February 12, 2018

The annual North American Prospects Expo (NAPE) took place in Houston this past week. It is one of the largest yearly gatherings of exploration and production (E&P) and oilfield service companies getting together to network, showcase deals, and discuss the current state of the energy industry. As is our tradition, we hosted our 16th annual NAPE dinner, which was attended by ~150 industry representatives; the vast majority (about two-thirds) of which work for E&Ps and E&P related private equity firms. Additional attendees were also represented from oil service, midstream and investors. The dinner once again utilized real-time anonymous voting from the audience on debated industry topics. In this week’s “Stat” we will share both our and the industry insiders views regarding the key questions facing the U.S. oil and gas industry today. Specifically, we will spend more time highlighting the results do not represent a consensus view among equity markets including: 1) where will commodities go from here, 2) can E&Ps follow through with their newfound capital discipline, 3) which oil services are the tightest and how will well costs change, 4) what is driving the current pronounced oil price backwardation 5) what are the greatest headwinds for U.S. E&Ps in 2018, and 6) what do industry insiders see as the best energy investment opportunities for 2018?

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